(Money Manager) - A Registered Retirement Income Fund (RRIF) is similar in some ways to an annuity contract. They are designed to provide one or more beneficiaries with a constant flow of income that will last throughout retirement. Those who have a Registered Retirement Savings Plan (RRSP) will roll their funds over into an RRIF when they retire. A Registered Retirement Income Fund will allow a person to keep their retirement funds sheltered from taxes, while still having access to them according to a designated distribution schedule.

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(Money Manager) - A Registered Retirement Savings Plan (RRSP) is used throughout a person's career to allow money to be saved for retirement. These plans are designed to be tax-deferred and are registered by the Canada Revenue Agency. These plans are set up through a financial institution, such as a bank or a credit union. Contributions to a Registered Retirement Savings plan are tax deductible, up to plan limit amounts.

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